ICE Brent above $77, holds premiums to US crude

LONDON, Nov 30 (Reuters) - Brent crude oil futures LCOc1
hovered above $76 a barrel on Monday, holding premiums to U.S.
crude futures since early last week.

ICE Brent crude was trading above $77 a barrel on Monday,
while U.S. crude futures on the New York Mercantile Exchange
(NYMEX) were just above $76.

"From a fundamental perspective, there is little reason for
U.S. crude to trade above Brent as the U.S. does not need to
draw the marginal barrel of light sweet Brent-related crude
westwards," Harry Tchilinguirian, BNP Paribas' senior oil
analyst, said.

"At the same time, inventories at Cushing, the delivery
point for the NYMEX contract, have been creeping higher, which
typically tends to exert downward pressure on U.S. crude
relative to Brent."

BRENT PRICES

* January Brent was trading 2 cents up at $77.20 a barrel by
1159 GMT.

* The January/February Brent spread was 81 cents, from 80
cents at Friday's close.

* The spread between January Brent and U.S. crude futures
was a $1.18 a barrel premium for Brent.

* The spread flipped into premiums for Brent last week and
it hit $1.95 a barrel on Friday, the highest since mid-August.
CL-LCO1=R.

GAS OIL PRICES

* December gas oil LGOc1 was trading $7.25 up at $612.25 a
tonne by 1139 GMT.

* On Friday, it dipped to $580 at one point, the lowest
level since early October.

TECHNICALS

* Brent support at $76.90 a barrel, resistance at $78.25
then $78.95.

* Gas oil support at $608.50, resistance at $627.

OTHER MARKETS

* World equities generally steadied on Monday as the United
Arab Emirates shored up its banks after last week's Dubai debt
shock. [ID:nGEE5AT0UX]

* The dollar fell against a basket of currencies .DXY,
within sight of a 15-month low. [FRX/]

* Gold was supported by a weaker dollar. [ID:nGEE5AT08M]

DATA

* The Institute for Supply Management-New York releases
November index of regional business activity due at 1330 GMT and
the Institute of Supply Management-Chicago releases November
index of manufacturing activity due at 1445 GMT. [ECI/US]

* Federal Reserve Bank of Chicago releases its Manufacturing
Index for October at 1700 GMT.
(Reporting by Ikuko Kurahone)
((ikuko.kurahone@thomsonreuters.com; +44(0)20 7542 8145;
Reuters Messaging: ikuko.kao.reuters.com@reuters.net))

[ECI/US] [ECI/EURO] [ECI/GB] [M/DIARY]

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[O/I] TECHNICALS report [OPEC] OPEC
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